Monarch Airlines

[armadillomaster]

Usually check everything on my lunch at work and before I start.

Had a poorly baby yesterday and didn't get on at the weekend so I seem to be late to the party

 

[lbaspotter]

This was just posted by BBC Business Live page:

Source: http://bbc.in/2doIMwu

Monarch's Atol licence set to expire on Friday

Monarch must renew its operating licence this week to continue selling package holidays, the Civil Aviation Authority said.

The company has been hit by rumours that it is in trouble, which have been denied by the firm. But the CCA warned that Monarch's Atol licence expires on Friday and if it is not renewed it will be unable to sell package holidays.

The government-backed Atol scheme, compensates travellers and ensures they are not stranded if a holiday company collapses.

However anyone already booked to travel will be protected as the scheme applies on the booking date, not the travelling date.

 

[Tarn Spotter]

I have a flight only deal, so hopefully even if they cant renew their ATOL certificate they can still keep planes in the sky. Only 32 hours before we will know, can see me booking new flights after midnight tomorrow.
Hope there is a white knight out there, charging to the rescue.

 

[lbaspotter]

Breaking News & Its good news thank god.

Official statement from Monarch Airlines website:
Source: http://blog.monarch.co.uk/monarch-reaches-atol-licence-agreement-and-secures-funding/

Monarch reaches ATOL licence agreement and secures funding

(Luton, UK – 30 September 2016) Monarch has successfully concluded discussions with the Civil Aviation Authority (“CAA”) to extend its ATOL licence, for which it thanks the CAA. The company has also received significant further investment from shareholders and is close to announcing the largest investment in its 48-year history.

Monarch continues to fly and looks forward to welcoming customers on board.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented:

“I am delighted that we have been able to come to an agreement with the CAA on the extension of Monarch’s ATOL licence and am excited about the additional capital coming into the group which will help us fund our future growth. I am immensely proud of the professionalism of the Monarch team.”

 

[whoshotjimmi]

http://www.bbc.co.uk/news/business-37524259

 

[lbaspotter]

Now for the bad news.

The CAA are reporting that it's only agreed to extend Monarch's ATOL licences for a further 12+ more days only.

The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016.

“The CAA was able to do this by requiring the shareholder to provide additional funding and because customers' money will be protected.

“Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full ATOL licence.

“Monarch will remain ATOL licensed until this extension expires.

“The CAA always advises consumers to ensure they book ATOL-protected air holidays and consumers who choose to book an ATOL-protected flight or holiday with the company during this time will continue to be protected by the ATOL scheme.

“During this period of extension, the CAA will continue to monitor the company

.”

 

[lbaspotter]

Here's an article which some people I was talking with yesterday will find interesting regards Monarch's future.

The airline is expected to order a further 15+ 737MAX from Boeing on top of the existing 30 that have been ordered once it's new finance is in place.

http://www.travelweekly.co.uk/articl...-monarch-stake

 

[White Heather]

Wouldn't it be nice if an organisation such as this bought LBA instead of trying to buy London City?

 

[john@thornton]

Here's an article which some people I was talking with yesterday will find interesting regards Monarch's future.

The airline is expected to order a further 15+ 737MAX from Boeing on top of the existing 30 that have been ordered once it's new finance is in place.

http://www.travelweekly.co.uk/articl...-monarch-stake

 

[john@thornton]

This article is dated 20th June, so it's probably old news; things have moved on since then!

 

[yorkie40]

Just seen on the news that monarch need to find £165m by midnight tonight to save them from collapse

 

[yorkie40]

They have just anounced that they have found £165m funding

 

[a300boy]

Some strange sounding deal with boeing and the new aircraft order for 45 aicraft has been agreed. it would seem they can sell the production slots or aircraft to a third party if they need to.

 

[White Heather]

I heard on the news this morning they had secured the investment from their owners so the airline's future was assured. That was around 0630.

 

[White Heather]

This is the statement off the Monarch Twitter feed.

(Luton, UK – 12 October, 2016) – Monarch, a leading UK independent airline group, today announces the biggest investment in its 48 year history, a £165 million investment from its majority shareholder, Greybull Capital.

As a result of this investment Monarch has successfully renewed its ATOL licences from the CAA for the next 12 months and funded future growth plans.

In October 2014, Monarch announced an order for 30 Boeing 737 MAX-8 aircraft, with options for a further 15 planes. The first of these aircraft is due to be delivered in 2018.

The arrival of these state-of-the-art, fuel efficient aircraft in less than two years’ will enable Monarch to continue to provide passengers with a best in class inflight experience and allow the company to enjoy significant operational cost savings.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented: “It is testament to the extensive effort by all parties, over the past weeks and months, that we are able to announce the largest investment in our 48-year history, as well as the renewal of our ATOL licences.

“I’d like to thank the CAA, our shareholders, partners, loyal customers and the team at Monarch for helping us to achieve this successful outcome. We are now firmly focused on the future as a stronger Monarch.”

Seabury Group LLC and Seabury Securities (UK) Ltd. served as financial advisor with respect to the recapitalisation.

 

[Bob101]

Great to see them surviving (not least because we are booked with them next summer) must be a real relief for their employees. Onwards and upwards!

 

[a300boy]

Very pleased too ! I want them to expand the Leeds base.

 

[a300boy]

We had three aircraft here last night with G-ZBAP positioning in from Birmingham plus our two based units.

 

[White Heather]

I guess we could acccommodate the extra one due to one of Jet2's 757 being over the pond in Newark at the moment.

 

[lbaspotter]

We had three aircraft here last night with G-ZBAP positioning in from Birmingham plus our two based units.

Yeah Monarch were doing a tail-swap last night. A320, G-ZBAP positioned into Leeds from Birmingham as MON320P whilst A320, G-ZBAU was then positioned out to Birmingham an hour later as MON322P. Meanwhile A320, G-OZBX remains the 2nd LBA based aircraft